“As economists, we believe that these investments are critical to improving the long-term economic strength of our state,” they wrote in a statement released on March 11. “We also realize that these goals cannot be attained without additional state revenue. As such, we support increasing personal income tax revenue because it is the most equitable and effective way to raise the sizeable funds needed.”

In addition to the important long term benefits to the state economy from these investments, the economists noted the likely positive short term effects, writing that “in the short term, government investment coupled with increased taxes will boost overall economic growth as lower after-tax individual income resulting from higher taxes will be more than offset by higher public investment spending in the Commonwealth.”

The statement concluded, “over the long term, these investments will increase state economic growth and well-being through increasing the productivity of our workers, lowering business costs and the personal cost of living, and attracting private investment that seeks a well-educated workforce and transportation infrastructure that works.”